An inflation-targeting regime has been in place in Ghana since 2007, but compared to other inflation-targeting countries it has been conspicuously unsuccessful. Since 2013 inflation has persistently exceeded the announced target by four percentage points or more, despite the target never falling below a relatively unambitious 8% per annum. We investigate whether the poor conduct of monetary policy is responsible for this outcome, and find that is not. Monetary policy reaction functions are similar to those estimated for countries with successful monetary policies, and interest rates respond in the theoretically recommended way to inflation shocks.

中文翻译：

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加纳的通胀目标和货币政策

自 2007 年以来，加纳就实施了通胀目标制制度，但与其他通胀目标制国家相比，它显然不成功。自 2013 年以来，通货膨胀率一直超过宣布的目标四个百分点或更多，尽管该目标从未低于相对温和的每年 8%。我们调查了货币政策的不良行为是否对这一结果负责，发现不是。货币政策反应函数与货币政策成功国家的估计相似，利率以理论上推荐的方式对通胀冲击作出反应。